Digital fraud is on the rise: 6 ways to prevent it

September 30, 2024 at 09:01 AM EDT

(BPT) - Are you more worried about fraud than you were a few years ago? According to the 2024 Trust Index Report by Telesign, almost 60% of people worldwide and nearly half of all Americans are more fearful of becoming fraud victims than they were just two years ago. Not only do we need to stay vigilant about the traditional forms of digital fraud, but now there is increased global anxiety fueled by the rise of artificial intelligence (AI).

This is not a nebulous fear, nor is it an idle threat. People are more anxious about fraud because there's more fraud, period. Considering we need to watch out for data breaches, online attacks, telephone scams, phishing, and bank and mail fraud, just to name a few, if you're not concerned, you're not paying attention.

According to the Trust Index, nearly one-third of people in the U.S. have been victims of fraud in the past three years. Of those, most have said it happened during the past six months alone. That uptick is troubling. Part of the problem stems from the fact that fraud tactics evolve rapidly, especially in this new era of AI. The report found that 68% of Americans believe they or their family members are vulnerable to digital fraud. The most common fraud tactics include:

Phishing. This is when you get an email, text, or phone call from a fraudster claiming they're from a reputable company or organization. For example, you might get an "alert" that you need to update your information. A link in the email goes to a fake site that looks like the real thing. Generative AI has enabled fraudsters to super-charge phishing attacks.

Social engineering. Social engineering attacks occur when fraudsters combine publicly accessible information with manipulative tactics to pressure you to provide sensitive identification data. Bad actors often begin the attacks by collecting information about their targets on social media and websites. Next, they contact you directly and pose as a trusted connection, such as your employer. Combining these tactics can quickly lead to compromised credentials and the potential for account takeover, resulting in damage and theft.

Fake accounts. This is one of the most troubling aspects of AI. According to the Trust Index, 14% of people believe they have recently been exposed to deep fake videos or voice clones, and this number is expected to rise in the future. While technology firms are making strides in how quickly they can identify, label, and remove AI-generated images and videos from the digital world, not enough attention is paid to how this content is distributed. One of the primary ways is through fake accounts, both online and via social media.

Although artificial intelligence and machine learning (ML) provide benefits to many companies and consumers, they have also ushered in a new era of sophisticated tools that facilitate fraud. As businesses fight to protect you and your personal information from bad actors, they're learning it's often necessary to use those same AI and ML capabilities to defend against them.

How best to protect yourself from fraud in this rapidly evolving AI landscape? Here are six tips from Telesign:

Use two-factor authentication whenever it's available. It will be more annoying to have to deal with the aftermath if your identity is stolen.

Use antivirus software to help protect your personal information. It scans for and detects malware that could infect your computer.

Never click on links from unfamiliar sources and pay special attention to those that look legit but might set off your internal radar. Bogus links can infect your computer with malware or lead you to phishing sites that can trick you into sharing your personal information.

Never share personal information via email. Most companies state clearly that they do not ask for sensitive information over email.

Use complex passwords and don't reuse passwords. A password manager can help by storing and managing all of your current and past passwords, so you don't have to remember them all.

Use online security alerts for your digital accounts when available, such as banking or other financial services.

Telesign solutions provide fraud protection, secure communications, and enable the digital economy by helping companies and customers to engage with confidence. To learn more about the latest fraud trends, read the full 2024 Trust Index Report.

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Digital fraud is on the rise: 6 ways to prevent it

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